Aussie share market lower as banks and miners weigh heavily

Source: Xinhua| 2019-01-22 08:11:41|Editor: Shi Yinglun
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SYDNEY, Jan. 22 (Xinhua) -- The Australian share market opened lower on Tuesday, with index heavyweights materials and financials offsetting broader gains.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was down 12.80 points or 0.22 percent at 5,877.60, while the broader All Ordinaries index was down 9.90 points or 0.17 percent at 5,943.60.

Healthcare was also trending lower, while information technology rallied as did energy and industrials.

Conflicting indications of growth prospects have investors and traders in a vice, CMCs chief market strategist Michael McCarthy said.

Exacerbated by a U.S. holiday, overnight action across asset classes saw muted moves on lower volumes.

In the financial space, Australias big banks sank with the Commonwealth Bank down (0.89 percent), ANZ down (0.57 percent) National Australia Bank down (0.48 percent), and Westpac Bank down (0.59 percent).

Mining stocks were mixed with BHP down (1.02 percent), Fortescue Metals unchanged (0 percent), Rio Tinto down (0.77 percent) and goldminer Newcrest up (0.04 percent).

The countrys oil and gas producers also varied with Oil Search down (0.13 percent), Santos unchanged (0 percent), and Woodside Petroleum up (0.41 percent).

Australias largest supermarket chains dropped with Coles down (0.43 percent), and Woolworths down (0.17 percent).

Meanwhile telecommunications giant Telstra rallied (0.34 percent), the national carrier Qantas took off (0.66 percent) and biomedical firm CSL sank (0.22 percent).